Archive for the ‘Information for Sellers’ Category

Well the Holiday Weekend is over.  I took John to the train so he could go back to the University of Maryland.  The train station at Newark was crazy with families taking there kids to the train.  It was great to see my son he has grown in so many ways. 

The Music Ministry at Saint Virgils is selling Christmas ornaments to raise money to repair and up grade the pipe organ.  The ornament displays the Nativity Scene that is seen on one of the churches stain glass window.  This is the first of a series that will be available for the next few years.   Each ornament cost $20.00 and are about 3 3/4 inches long by 2 inches wide.  These will make great gift ideas.

Coach John Furphey has retired after 27 years as the Girls Soccer Coach for Morristown High School.  He started the program in 1982. His tenure of 27 years was the longest for a couch at the same soccer program.  Here is another example of  another dedicated teacher at Morristown High School

Five homes have closed in Morris Plains NJ  for the month of November that does not include what might close today the 3oth.  The average priced home was 395  with a 93 percent list to sales ratio.  3 homes have come under contract in November the average price was 516 and 57 was the average days on market.   3 homes are under attorney review as of today.

 The house at 253 Mountain Way went under contract in 12 days.  Again here is a house that was correctly priced from the beginning.  As I have said in the past  “a well priced house will always move in a short period of time.”  253 Mountain Way was a nicely appointed home with lots of room and updated kitchen and bath rooms. 

Remember in pricing your home hope and wishing are not strategies in selling your house.  The market dictates the price of your house, at times it may not be kind but it is always right.

Here is the Dickens Quote ” Darkness is cheap, and Scrooge liked it.”

Thanks for Reading Morris Plains Homes

Bob Sittmann

I read a story in this mornings paper about how  the family of Bronislaw Firuta a Polish Citizen during the Nazi occupation of Poland hid Joesph Bonder and his sister Joan in the attic of their home while lying to the Nazis about them.  Bonder and Firuta where reunited at JFK airport on Wednesday.  After the war Bonder went to a displaced persons camp in Germany where he met his wife.  It took 5 years before Bonder was allowed to come the Bronx where his sisters’ husband had family.  He settled in Roxbury where he owned a Laundromat and a strip Mall. 

The meeting of Bonder and Firuta was arranged by the Jewish Foundation for the Righteous. an organisation that honors non Jews who risked there lives to save Jews during World War II.  You have to stop an think about this.  How many of us would risk death for ourselves and our families to help strangers.  After the meeting at the airport Bonder said “I have been blessed by God.  There is no other place I could have all this but in America. 

This Holiday Season lets try to lighten up and try to make it as pleasant for as many people as possible.

Thanks for reading Morris Plains Homes

PS heres is the Dickens Quote

There are some upon this earth of yours,” returned the Spirit, “who lay claim to know us, and who do their deeds of passion, pride, ill-will, hatred, envy, bigotry, and selfishness in our name, who are as strange to us and all out kith and kin, as if they had never lived. Remember that, and charge their doings on themselves, not

Bob Sittmann

Lets Give our leaders in Washington props when they desirve them.  The Tax Credit has proven to be a real measurable success.  Home sales in October where up over 10 %.  It is the single highest increase in 10 years.  6.1 million homes changed hands up from 5.5 in September. The Tax Credit and the fact that homes are now more affordable  have had a very positive impact on the country’s economy.    The news was so good the the Dow Industrial Average jumped 130 points to end the trading session at 10,450.  Do we dare think that the Dow will move over 10,500?  I think so.  What do people do when they buy  a new home?  They fix it up and make it their own and they spend money.  Moving the money moves the economy.

I have certainly expiereced the increase.  People are getting off their butts and are beginning to realize that the house they wanted to buy was sold to someone else.  One client I have worked with has written 3 offers on 3 seperate home.  Hopefully today’s will go through. 

My listing at 9 Cleveland in Morris Plains is a good example as well, I held the 10th Open House last Sunday and I had 9 customers looking at the home of the 9 I now have 4 good clients that are looking for homes.  Their just not waiting anymore.  I have had 3 people very interested in Cleveland after this weekend and  now I have 4.  3 of the people live in Morris Plains and know each other and don’t want to compete with each other in bidding.  What is sad is that these three couples will  lose out on this home while someone else comes in to buy it.   Granted the house needs updating and some work.  You can paint and repair but the one thing you can not change is the location.  How many times have you said, “I wish I could take this house and move it to Cleveland Avenue”.  Well if you could then it would be worth 100,000 dollars more. 

Unfortunately right now there is not a lot of inventory in Morris Plains.  You can count on one finger the number of 5 bedroom 3 bath homes on a big lot and in a great location that are available.

In ending todays blog and in keeping with the coming Holaday Season I will Quote Charles Dickens The Chrstmas Carol

Ghost of the Future,” he exclaimed, “I fear you more than any spectre I have seen. But as I know your purpose is to do me good, and as I hope to live to be another man from what I was, I am prepared to bear you company, and do it with a thankful heart. Will you not speak to me?”

Thanks for Reading Morris Plains Homes

Bob Sittmann

Yesterday it was again all about the USD. Fed Chairman Bernanke signaled that US interest rates will stay at close to zero for some to come and while he gave lip service to a strong dollar he did not promise any concrete steps to support it. Essentially he indicated no possible danger from  inflation ensuing as a result these low interest rates. As if to underscore Bernanke statement that inflation is not a threat the Producer Price Index (PPI) that came out today indicated that seasonally adjusted it rose in October by only 0.3%, despite the rise in food & energy costs. This follows a drop of 0.6% in September & against an expectation of an increase of 0.5%.

In the real estate sector, new US housing starts in October fell to their lowest level in six months, while the percentage drop was the largest since January. But, while this decline is disappointing as its crucial part for the overall recovery of the economy the decline should not have been entirely unexpected as buying was abating in anticipation of the possible end of the Federal tax credit for buyers of new homes.

As to jobless numbers, those that were filing for new applications for jobless insurance was unchanged over the last week but the four week moving average dropped to its lowest level in a year

This is all good news for buyers and sellers of Morris Plains NJ homes.  Buyers will still have time to lock in lower rates, take advantage of the tax credit, and the inventory of affordable homes.  Sellers will see a slow down in the decreasing values of their homes.  Lower interest rates mean buyers will have more buying power,  and will be able to buy more expensive homes.  The one thing the current homeowners should be aware of is that as soon as interest rates go up thier home will be worth less.  So if you are contemplating selling your home do it sooner then later or risk losing out.  When interest rates go up buyers will lose buying power.  Those buyers will have to go else where to buy afordable homes.

There are 30 homes for sale in Morris Plains today, we have an absoption rate of 5 months.  3 Homes have come up for sale, one at 16 AE Foxwood Drive.  It is a 5 room 1bed 1 bath Condo and is listed at 256,000.  15 Franklin Place is a 7 room 3 bed 2 bath colonial and priced at 484,000.  253 Mountian Way is an 11 room 4bedroom 4 bath Custom style home priced at 599,000.

The Morris Plains Police Department welcomed two new patrolmen.  Residents Dan Gallagher and Peter Rolph they were sworne in  during September.   We wish them well.  Its nice to know the sons of Morris Plains are keeping watch.

Congratulations to Anne Benson.  Anne was recognised for her long time servce to the Ameican Red Cross.  Since 1960 has been a volunteer for the Morris Area Community Blood Program.  She still organises 13 drives a year between the  Morris Plains  Presbyterian Church and the Mt Kemble Fire House.

The Morris Plains Holiday Tree Lighting Ceremony will be held Decmber 5th at 5:45 at the Merchants Block.  If the weather is ba d it will be held at the Community Center.  The Menorah Lighting will be on December 13th at 6:00 pm.

Congratulations to Hal and Rita Birmingham and Dan and Helen Young on their 50 wedding anniversaries.  Props go out to Ed and Vivian McCormack on the celebration of their 60th anniversary.

The market absorption rate in Morris Plains Stands at 3 Months.  Right now including properties in Foxwoods the the inventory of Morris Plains Homes for Sale stand at 28.  

Many of sellers make the mistake of thinking that the right time to sell a home is in the Spring.  The reality is anytime is a good time to sell a house but right now is a particularly good time.  There are a couple of good reasons to put your home on the Market today.  1 is the home buyers credit that is available to home buyers today.  This credit may not be available after April 30th next year.  2 Interest rates continue to be low.  This can not last for ever.  3 everyone else thinks that the Spring is the best time to sell a house but buyers are outlooking all the time.  They are looking for that perfect home they may be passive or active searchers  but they never stop.  Also every on else thinks the spring is the best time to sell, so there is not a lot of competition out there for your home. In reality the weather is just better. The perfect example is that there are only 28 Morris Plains Homes for sale  today.   So right now you have the tax credit low interest rates  plenty of buyers and no sellers.  Supply and Demand baby 101 low supply and high demand mean higher prices.  

Buyers and sellers should not get caught up in the same old real estate cliche’s.  A good real estate  agent is already thinking way ahead and out of the box.  Buyers and sellers should as well. 

 Get ready my loyal readers I am going to add a section for home buyers that are looking for a home from a For Sale by Owner.  These listings will high light listings in the tri town area that are For Sale by Owners.  before I post any home on my web site I will guarantee that I have previewed it.

Of the 24 Morris Plains Homes for sale  there are only 4 priced between 300 to 399.  One of the 3 is under attorney review as I write this.   5 are  priced between 400 and 499.     There are only 3 priced in the mid fours and 2 at 499.   This is very good evidence that first time home buyers have come into the market and the tax credit  has been successful. 

There are 7 homes priced between 500 to 600 and 7 priced over 600 and 4 of those are priced at 749 and above.  This is really a good time for home owners that want to move up to a larger home. 

2 new listings it the market last week.  There is  3 Briarcliff is a custom style with 4 bedrooms and 3 baths all updated and priced at 649,000.  9 Juniper is a 4 bedroom 3 bath home and has been up dated as well and is priced at 649,000.  If you would like to see these homes give me a call. 862 222 4737

If you need clarification on the new tax credit here is link to help in explaining what the rules are.

http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

I had another great Open House on Sunday at 9 Cleveland Avenue.  And will have another this Sunday November 15th.  7 families visited the home.  Again I was there until 5:30 and I was picking up my signs in the dark.  This week no one knocked down any of my signs but one was turned around to face the wrong direction. 

Since October was Breast Cancer awareness month the girls of the Morristown High School Field Hockey Team to show support for a fellow team mate’s mom who is battling the disease decided to  raise funds for the Score For the Cure and   the Susan G. Komen Foundation by asking for pledges for every goal they scored.   The Team Scored 39 goals during the month of October and are expected  earn close to $2,000.00. 

How can you not love a High School whose students can show that kind of compassion to a fellow team mate.  It is just another example of what a great highschool Morristown really is.  Coach DeSalvo and  the staff at the Morristown High School should be very proud of these girlsl

The awful statistic is that 75 percent of all the woman that have died from breast cancer have never had a mamogram.  I think it is comendable that these young woman have dedicated thier play to help bring Breast Cancer Awareness to everyones attention. 

Turning to some real estate good news. The Congress has extended the tax credit to April 30 2010 and have also extended it to current home owners as well.  Economic releases from the Labor Department Yesterday  morning showed that Nonfarm Productivity jumped by 9.5% in the third quarter from 6.9% in the second quarter.  Additionally, initial jobless claims came in at 512k versus expectations for 522k, while Continuing Claims were 5,749k versus forecast of 5,750k.  (Bloomberg)

Calling all Morris Plains Home Owners.  The current inventory of homes in Morris Plains not including condos in Foxwoods is down to 24.  I have not seen it this low all year.   The shortage of entry level homes in Morris Plains is shocking.  There are only 3 priced in the mid 400′s and 5 priced between 300 and 400,000.00.  One house has been on the market less then a week and there was a full price offer on it and then someone offered more.  The balance of the market is homes priced over 499 and these are the homes that are not moving.  This is the perfect time for a homeowner that has a smaller home and now needs a larger one to get into the market.  Don’t believe me lets look at the facts.

1.  The Federal Bank is making noise that they intend to keep interest rates low. 

2.  The Senate has okayed the extension of the first time home buyers credit and may extend it to home owners as well and it looks like the House will too.   So now current home owners who are selling get the benefit of buyers being able to pay more on the purchase of their home and then get a credit when they go on to buy their next house.  God Bless America.

3.  The demand for affordable homes is much higher in town.  It is ECO 101 baby.  Low supply high demand = higher prices.  Mean while the remaining 16 homes in Morris Plains are priced at 499 or higher.  High Supply low demand = lower prices.  

The cost ratio between the entry level home market and the mid to higher priced home has never been lower.  It is the perfect time for a family in Morris Plains to sell their entry level home at an attractive price and move to a larger crib.

When home prices where going up 5 percent a year a home owner could sell the house he paid 300,000 after 5 years for 375.   A home that was worth 500,000 5 years earlier would be worth 625,000 his additional cost ratio would be 50,000 dollars.  Now a 300,000 dollar house is still worth 300,000 and a 500,000 dollar home 5 years ago is now worth 450, his additional cost ratio is ZERO

I believe that in the last week a nice, in good repair 3 bedroom 1.5 baths home has probably moved up in value by 10 to 15,000 dollars.  This will not last forever interest rates will go higher.  The economy is getting better.  The fact that Warren Buffet bought a railroad for 34 billion tells it all.  What ships on railroads?  They ship goods. What do people buy? They buy goods.   So the fact that Warren Buffet thinks people will be buying more goods to make his 34 billion look like a good investment well that is evidence that people a lot smarter then me think the economy is getting better and demand for larger homes will go up.

This is the opportunity of a lifetime.  As Grandmere Sittmann used to say “When opportunity knocks on your front door, don’t be out back picking four leaf clovers.”

Thanks for Reading Morris Plains Homes

Bob

I dont usuallypost twice in one day, but the news is so good that I must.  Today October 29th 2009 offically markes the end of the ression.

Moving to the big story of the day : the US Q3 GDP grew by 3.5%,much better than the expectation of 3.3% consensus & much better than the 2.7% that some big Wall Street houses had put out yesterday.This confirms that the biggest recession since 1929 is now over. this is the fastest pace of growth since Q3 07 & compares to a contraction of 0.7 in the previous April-June quarter.This shows that the stimulus package is working But there was additional good news on the economic front. Consumer spending, which accounts for over two thirds of the US economic activity, surged at a 3.4 % rate in Q3, the fastest advance since Q1 07. Spending had fallen by 0.9% in the previous quarter.

 Also number of US workers filing claim for jobless benefits dipped by 1,000 last week, while the number collecting long term aid fell to the lowest reading in seven months. Another key gauge of the underlying of the labor market health, the four week moving average for new claims, decreased by 6,000, to 526,000, the smallest read since January.

Till yesterday the risk of a significant pullback in the US equity markets had mounted based on the sell off of both the S&P 500 & the Nasdaq finishing below their 50 day moving averaged for the first time since July, & also the inability of the S&P 500 to settle above the psychological important 1,100 level after managing to surpass it on an intraday basis last week. Today’s Q3GDP number could be a trend changer that could stabilize the equities & re-ignite the rally

At the end of the month the number of homes for sale in Morris Plains have fallen to 32.  So far in October we have had 10 homes go under contract.  These homes have been on the market for and average of 66 days.  This is pushing the absorption rate for the town down to  around 3 to4 months.   This is very Good

Other good news is the that the country’sGDP.  The United States Fouth Quarter GDP has risen to 3.5 pct.  This is well above analysts projections.  Needless to say this is having a positive affect on the Dow.

Other possible good news is that the $8000 First Time Home Buyers Tax Credit may be extended.  Not only will it be extended there is talk that it will be extended to current home owners as well.  I will keep you all posted on this very real and promising announcement.

Bob Sittmann  Morris Plains NJ Homes